Obama Signs Major Financial Reform Bill

President Obama sure is taking some bold steps to fix the financial crisis across the United States. Just after the Unemployment benefits extention passed,  the President also signed into law  legislature overhauling our financial system, making sure that taxpayers will NEVER support a financial bailout ever again.

The law subjects more financial companies to federal oversight, regulates many derivatives contracts and creates a panel to detect risks as well as a consumer protection regulator. A number of the details have been left for regulators to work out, inevitably setting off complicated tangles down the road that could last for years.

But “because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Mr. Obama said before signing the legislation. “There will be no more taxpayer-funded bailouts. Period.”